Current:Home > FinanceG-7 nations back strong supply chains for energy and food despite global tensions -ProfitEdge
G-7 nations back strong supply chains for energy and food despite global tensions
View
Date:2025-04-17 16:12:12
TOKYO (AP) — Trade and economy officials from the Group of Seven wealthy democracies strengthened their pledge Sunday to work together to ensure smooth supply chains for essentials like energy and food despite global uncertainties.
The nations promised to maintain “a free and fair trading system based on the rule of law and enhancing economic resilience and economic security,” officials said in a joint statement.
Foreign Minister Yoko Kamikawa, who co-hosted the two-day event in the western city of Osaka, pointed to Russia’s invasion of Ukraine and the Israel-Hamas war as the latest threats to stable energy and food supplies.
“We nations that share important values have a position of responsibility amid growing uncertainties,” she said in closing the meeting, stressing democracy, inclusiveness and human rights.
Worries are growing among developed nations about maintaining a stable supply of computer chips as well as essential minerals, like lithium, which are critical these days amid the demand for electric vehicles and other green energy.
The G-7 includes the U.S., Canada, France, Germany, Italy, Japan and Britain. The European Union, Australia, Chile, India, Indonesia and Kenya were invited to take part in the two-day meeting, as were economic organizations such as the World Trade Organization.
The G-7 nations reiterated their criticism of what they called in their joint statement “Russia’s brutal, unprovoked, unjustifiable and illegal war of aggression against Ukraine.”
The participants discussed how trade policy can contribute to tackling climate change, strengthening food security, promoting digital trade and working toward sustainable development.
Trade is one sector where growing political tensions with China have been playing out, although China was not directly mentioned in the meetings.
China, while absent at the meetings, loomed as a focal point. China has imposed export curbs on two metals used in computer chips and solar cells — gallium and germanium — that it said were intended to “safeguard national security.”
At the G-7 summit in Hiroshima in southwestern Japan earlier this year, participants referred to “economic coercion” in an oblique reference to China’s leveraging some nations’ dependence for economic items. That phrase was again used at the Osaka G-7.
As the host nation, Japan focused on how China has banned imports of Japanese seafood after the recent massive release of treated wastewater from the Fukushima nuclear plant, which experienced reactor meltdowns in 2011.
Yasutoshi Nishimura, the Japanese minister in charge of trade and the economy, said G-7 nations expressed support and understanding for Japan’s position, stressing the safety of Japanese food based on scientific evidence, including that from Fukushima. Japan will continue to press for the food bans to end, he told reporters.
Nishimura also said the guest nations that took part in the G-7 meeting, including Australia and India, were potentially powerful allies in strengthening the supply chain in valuable materials.
Bilateral agreements on the sidelines included one between Britain and Japan to work together on mineral-supply chains that both sides said were essential to achieve clean energy and effective national defense.
Japan also reached a deal with the EU on digital data exchanges, affirming a commitment to work together on standards to facilitate digital-sector trade, including online exchanges.
Kamikawa also met with U.S. Trade Representative Katherine Tai and reaffirmed bilateral ties in support of “the free and fair economic order,” and traded notes about the importance of women playing bigger roles on the G-7 stage.
___
Yuri Kageyama is on X, formerly Twitter: https://twitter.com/yurikageyama
veryGood! (4694)
Related
- John Galliano out at Maison Margiela, capping year of fashion designer musical chairs
- Travis Hunter, the 2
- NFL Week 15 picks straight up and against spread: Bills, Lions put No. 1 seed hopes on line
- Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
- The 401(k) millionaires club keeps growing. We'll tell you how to join.
- 2025 'Doomsday Clock': This is how close we are to self
- California DMV apologizes for license plate that some say mocks Oct. 7 attack on Israel
- 2 killed, 3 injured in shooting at makeshift club in Houston
- Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
- Gen. Mark Milley's security detail and security clearance revoked, Pentagon says
Ranking
- Trump issues order to ban transgender troops from serving openly in the military
- Appeals court scraps Nasdaq boardroom diversity rules in latest DEI setback
- As Trump Enters Office, a Ripe Oil and Gas Target Appears: An Alabama National Forest
- Biden administration makes final diplomatic push for stability across a turbulent Mideast
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- At site of suspected mass killings, Syrians recall horrors, hope for answers
- Current, future North Carolina governor’s challenge of power
- This was the average Social Security benefit in 2004, and here's what it is now
Recommendation
Whoopi Goldberg is delightfully vile as Miss Hannigan in ‘Annie’ stage return
Charges tied to China weigh on GM in Q4, but profit and revenue top expectations
Jamie Foxx reps say actor was hit in face by a glass at birthday dinner, needed stitches
Could your smelly farts help science?
What do we know about the mysterious drones reported flying over New Jersey?
Dick Vitale announces he is cancer free: 'Santa Claus came early'
Travis Hunter, the 2
Newly elected West Virginia lawmaker arrested and accused of making terroristic threats